Membership

RRIF

Living well during your Retirement Registered Retirement Income Fund (RRIF)

RRIF Payment Flexibility

Now that you're getting ready to retire, you want to feel comfortable that you'll enjoy the lifestyle for which you've so carefully planned. When converting your retirement savings to a retirement income option, it's important to make the decisions that are right for you. Most people decide that a Registered Retirement Income Fund (RRIF), best meets their needs. A RRIF provides you with maximum control over investment of your funds and the most flexibility to adjust the amount of payments you will receive.

A RRIF can be custom designed to meet your retirement objectives. If you wish, it can provide payments for life. Or, the payments can be accelerated so that all the funds in your RRIF are paid out more quickly. Revenue Canada requires that you receive at least a minimum payment from your RRIF each year.

With a RRIF you can change your mind. For example, you could ask to receive a specific monthly amount to meet your budget needs. Subsequently, you could change both the amount and frequency of payments if unforeseen events occur in your life, or to deal with the effects of inflation. RRIFs also allow you to make lump sum withdrawals for any purpose. Of course, the amount that is instantly accessible will vary if the funds in your RRIF are invested for a fixed term.

Tax Shelter & Estate Protection

Your funds continue to grow, and are tax sheltered while they remain in the RRIF. Your RRIF is your asset and you control what will happen to unpaid amounts remaining at your death. If you wish, your RRIF can be transferred tax-free to your spouse at your death. Or, the remaining balance can be paid out as a lump sum to your estate or a beneficiary.